Australia’s Rate-Cut Party Is Coming to an Early End

When Reserve Bank of Australia governors come into the top job, they are given a coffee mug with the words “half full” printed across it. Nice aspiration. That’s better than half empty, but very hard to get just right.

Michele Bullock, who was handed the cup by her predecessor two years ago, could use one that changes color with temperature. Far from worrying whether policy is still too tight after three interest rate cuts, officials must be wondering whether it’s a bit loose.